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Over/Under : Beta received $10,000 cash in advance for services rendered. Beta recorded the transaction as a debit to Cash for $10,000 and a credit
- Over/Under: Beta received $10,000 cash in advance for services rendered. Beta recorded the transaction as a debit to Cash for $10,000 and a credit to Service Revenue for $10,000. Only 40% of the rent had been earned during the year. Beta recorded the following "normal" AJE: Debit Unearned Service Revenue for $4,000 and credit Service Revenue for $4,000. What is the effect on assets, liabilities, and net income?
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Managerial Accounting
Authors: John J. Wild, Ken W. Shaw
2010 Edition
9789813155497, 73379581, 9813155493, 978-0073379586
